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NAOMI SNYDERRural Opportunity Fund wins honor
The Tennessee Rural Opportunity Fund has been awarded the 2010 National Community Reinvestment Award from the Federal Financial Institutions Examination Council recognizing its work in low-income and distressed communities.
Launched in 2007 by the Southeast Community Capital Corp., the fund is expected to generate $25 million in loans to more than 350 small, minority-owned and women-owned businesses that will create more than 600 jobs over 10 years. To date, the fund has given out $9 million in loans to 44 businesses creating nearly 200 jobs and retaining about 400 jobs.
The fund is a private-public partnership between the state of Tennessee, 23 member banks of the Tennessee Bankers Association and Southeast Community Capital.
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